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External Auditors Present the Results of the City’s FY16 Financial Statement Audit to the Audit Committee

Wednesday, September 13, 2017

Mayor Domenic J. Sarno and Chief Administrative and Financial Officer Timothy J. Plante announced today that Powers and Sullivan, LLC, the City’s external auditors, presented the results of the audit of the City’s FY16 Comprehensive Annual Financial Report (CAFR) to the Audit Committee on August 31, 2017.  The CAFR is used to assess the City’s financial health, and contains audited financial statements, management’s discussion and analysis, statistics, and other financial information.  The Audit Committee is chaired by City Councilor Michael Fenton, and its members include City Councilors Timothy Rooke and Kenneth Shea.

The highlights from the FY2016 audit included:

  • The City received an unmodified (“clean”) opinion. A clean opinion provides the public with the confidence that the City’s financial reporting is accurate, reliable, and transparent.

  • There were no significant instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.

  • There were no deficiencies in internal control that the external auditors considered to be material weaknesses or significant deficiencies.

     

    Among the financial highlights and challenges underscored by Powers and Sullivan, LLC:

     

           Highlights

  • The City’s CAFR has received the Government Finance Officers Association (GFOA) Certificate of Achievement for Excellence in Financial Reporting.

  • Springfield has also achieved the GFOA Distinguished Budget Presentation Award for the last 9 years.

  • FY16 expenditures were under budget by $5.1 million.

  • The General Fund Debt Service was 6% of budget.  This is significant because it shows the City has strategically managed the debt and the Capital Budget. 

  • The Stabilization Fund Balance was $44.5 million.

     

    Challenges

  • Net pension liability was $724 million.

     

    Mayor Sarno stated, “I’m proud of our financial team led by CAFO TJ Plante. This sends a strong message to our residents and business community of our public service commitment to running an efficient, effective and compassionate city.”

     

    CAFO Timothy J. Plante said, “I continue to be proud of the accomplishments of all of the financial departments of the City.  We have a tremendous amount of talent and leadership in all financial areas and we all work well together as a team.  The results of this audit are proof of that.  Specifically, I think it is important to recognize the following departments: the Office of Management and Budget, Comptrollers, Assessors, Treasurer/Collectors, and the School Business Office.”  Plante further stated, “Although the City will continue to have its share of urban challenges, which is not unique to Springfield, the City’s financial team will remain committed to strategically managing the budget and strict adherence to our financial ordinances.  These audit results send the right message to Wall Street and our bondholders that the City continues to thrive.”

     

    The complete FY16 CAFR is available at

    https://www.springfield-ma.gov/finance/fileadmin/comptroller/Springfield_FY2016_CAFR.pdf

     


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Page last updated:  Sunday, October 22, 2017 07:41 pm